Why you need to set business goals for success

Posted on: 01/02/2018

As a business owner, regardless of whether your company is big or small, you should not be afraid of setting goals and objectives for the future, you need these goals to succeed, here’s why;

Measure It

How are you going to measure your success as a company when you don’t have milestones to achieve? By having specific goals such as increasing profitability, you will be able to work towards these and also record when you have achieved these, allowing you to then set further goals.

Improve Productivity

Without objectives you will be wandering aimlessly, both employer and employees can benefit from goals as they have something to strive for and targets to meet. It can also be beneficial for communication between employees and more efficiently completing tasks as a team. If your company has a large team, setting individual goals could help to keep employees on track.

Expand and Grow

By setting and achieving goals, you will be allowing the company to work towards bigger goals such as expanding the business. Objectives can work really well to help you set up the future of the company, for example opening up a second office in the next 5 years.

 

Many business owners struggle to actually set realistic goals, everyone wants profitability but they don’t know how to create goals that can lead to this. Here are some tips on how to set a goal;

S.M.A.R.T

This is really the basis of any achievable goal, it stands for Specific, Measurable, Attainable, Realistic and Time-sensitive. All of your business goals should follow this mantra, a good example of a SMART objective is; increasing profitability by 5% in the next quarter with the use of digital marketing.

Create Sub-Goals

Your main goals should be where you want your business to be in the long-term, you can then set sub-goals to help you attain these. They can be broken down however you feel comfortable i.e. into quarterly, monthly, weekly, daily and even individual targets per employee. This makes it much easier to achieve the main goals in the long-run.

Don’t Rush

The downside to having goals and objectives is people often lose sight of the present, and this can lead to messy work. If you are supposed to reach a goal by next week but you’re two weeks away from perfecting it, don’t stress, take your time and make sure it is right before moving on. After all, these are only guidelines to work towards.

 

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